In
this April 24, 2017 file photo, a couple holds hands at a road
block set by anti-government protesters in Caracas, Venezuela.
Protesters shut down the capital city’s main highway to express
their disgust with the administration of President Nicolas
Maduro.Associated Press/Ariana
Cubillos

Meanwhile, Douglas Rediker, a former US representative at the
IMF, told the newspaper, "This is going to be Argentina meets
Greece in terms of complexity."

Venezuela is experiencing a socioeconomic crisis. Imports to the
country have fallen 80% in the last five years, and the IMF has
estimated that
inflation
is set to jump to more than 2,300% in 2018. The country has
$140 billion-worth of debt, and the worsening crisis led to a
series of protests earlier this year, in opposition to
President Nicolás Maduro, in which more than 125 people were
killed.

Although the IMF has had no official relationship with Venezuela
since the country broke ties with it in 2007, the Fund has been
following the crisis closely, and its impact on neighbouring
South American countries.

In a
report last week, the IMF said Venezuela "remains in a
full-blown economic, humanitarian and political crisis with no
end in sight." It said the country's economy will have shrunk by
35% between 2014 and the end of this year, and is heading towards
hyperinflation.

Although the IMF requires an official request for help from
governments before intervening, this dialogue between the Fund
and the Venezuelan government is reportedly yet to take place.